§ 29 — Meaning and effect of special administration order

29.—(1) A special administration order is an order of the Minister, made in accordance with section 30, in relation to a designated entity directing that during the period the order is in force, the affairs, business and property of that designated entity are to be managed by a person appointed by the Minister (which may be the competent authority or an appointed authority) —(a)

for securing one or more of the purposes specified in subsection (2); and

(b)

in a manner that protects the interests of the shareholders, unitholders or beneficiaries (as the case may be), and the creditors, of the designated entity.

(2) For the purposes of subsection (1)(a), the purposes are —(a)

the security and reliability of the business, undertaking or activities of the designated entity in Singapore;

(b)

the survival of the designated entity of the whole or any part of its business or undertaking, as a going concern;

(c)

the transfer to another person, or (as respects different parts of its business or undertaking) to 2 or more different persons, as a going concern, of so much of the business or undertaking of the designated entity as is necessary to ensure that the obligations of the designated entity in carrying out its business, undertaking or activities may be properly carried out; and

(d)

the carrying out of the obligations of the designated entity under or in respect of the business, undertaking or activities of the designated entity pending the making of the transfer, as a going concern, of the business or undertaking of the designated entity to any other person or persons.

(3) The Minister may make regulations under section 57 for giving effect to this Division, including —(a)

regulations governing the transfer of a business or undertaking of a designated entity mentioned in subsection (2)(c); and

(b)

if a special administration order is made, regulations for applying, omitting or modifying the provisions of Part 7 of the Insolvency, Restructuring and Dissolution Act 2018.

—(1) A special administration order is an order of the Minister, made in accordance with section 30, in relation to a designated entity directing that during the period the order is in force, the affairs, business and property of that designated entity are to be managed by a person appointed by the Minister (which may be the competent authority or an appointed authority) —(a)

for securing one or more of the purposes specified in subsection (2); and

(b)

in a manner that protects the interests of the shareholders, unitholders or beneficiaries (as the case may be), and the creditors, of the designated entity.

(2) For the purposes of subsection (1)(a), the purposes are —(a)

the security and reliability of the business, undertaking or activities of the designated entity in Singapore;

(b)

the survival of the designated entity of the whole or any part of its business or undertaking, as a going concern;

(c)

the transfer to another person, or (as respects different parts of its business or undertaking) to 2 or more different persons, as a going concern, of so much of the business or undertaking of the designated entity as is necessary to ensure that the obligations of the designated entity in carrying out its business, undertaking or activities may be properly carried out; and

(d)

the carrying out of the obligations of the designated entity under or in respect of the business, undertaking or activities of the designated entity pending the making of the transfer, as a going concern, of the business or undertaking of the designated entity to any other person or persons.

(3) The Minister may make regulations under section 57 for giving effect to this Division, including —(a)

regulations governing the transfer of a business or undertaking of a designated entity mentioned in subsection (2)(c); and

(b)

if a special administration order is made, regulations for applying, omitting or modifying the provisions of Part 7 of the Insolvency, Restructuring and Dissolution Act 2018.